Bitcoin Whales Remain Out of the Public Eye
Since Bitcoin is still trading just below $100,000, Bitcoin whales are holding onto their holdings steadily. According to a crypto analyst, this cautious approach suggests uncertainty among major holders. The lack of immediate selling pressure does not remove the risk of future sell-offs. Rising Bitcoin inflows into exchanges may signal potential market shifts that require attention.
CryptoQuant contributor Onat Tütüncüler highlighted this trend in a Nov. 2 analysis, stating that monitoring these movements is key to understanding their market impact.
Since the U.S. presidential election win by Donald Trump on Nov. 5, significant Bitcoin inflows into crypto exchanges have been observed. While such inflows often signal impending sell-offs, this hasn’t been the case recently. Large holders, or whales, appear to be adopting a cautious strategy.
The Adjusted Spent Output Profit Ratio (aSOPR), a metric used to gauge profit-taking behavior, shows no major signs of market participants selling at a profit. This metric supports the view that whales are in a holding pattern, waiting for clearer market signals.
Traders usually retain Bitcoin during bull runs in anticipation of short-term growth before switching to other crypto assets. However, TradingView reports that since Nov. 28, Bitcoin’s dominance has decreased by 5.54%. This drop indicates a change in market behavior and raises the possibility of a rotation into other crypto assets.
CoinMarketCap shows that the price of Bitcoin was $95,809 around the time of writing. The fact that long-term investors are sticking onto their Bitcoin holdings shows their trust in the asset’s prospective value, especially since they bought it at a mean price of $24,994.
Source: CoinMarketCap
Bitcoin’s current performance hasn’t convinced traders that it would reach $100,000 until the end of 2024. Bitcoin continues to retest its support levels, according to cryptocurrency dealer Rekt Capital, who uses a pseudonym. Longer downward wicks are a sign of continuous market pressure.
If current trends continue, Rekt Capital thinks Bitcoin will recover the $96,400 support level. On November 22, at $99,800, Bitcoin came very close to hitting $100,000, however it has since pulled back.
Regarding whether Bitcoin will end up in the rest of 2024, market experts have differing views. Ramp Network CEO and co-founder Szymon Sypniewicz thinks Bitcoin might reach $110,000 in the years to come. However, he was uncertain if this would occur before the year was out.
Sypniewicz noted that it is hard to pinpoint the precise dates of Bitcoin’s next significant innovation because market swings are to be expected. Both traders and long-term holders are keeping a tight eye out for any fresh events as the market continues to change.
